GitLab (NASDAQ:GTLB) Stock Price Up 2.8% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s stock price shot up 2.8% during mid-day trading on Thursday . The stock traded as high as $63.26 and last traded at $62.72. 498,159 shares were traded during trading, a decline of 81% from the average session volume of 2,685,415 shares. The stock had previously closed at $61.00.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GTLB. Truist Financial reissued a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Scotiabank boosted their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Barclays upped their price target on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Canaccord Genuity Group increased their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.23.

GitLab Stock Performance

The firm has a market cap of $9.77 billion, a P/E ratio of -188.16 and a beta of 0.63. The stock’s 50 day simple moving average is $64.38 and its 200 day simple moving average is $58.40.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 in the last quarter. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently modified their holdings of the business. Creative Planning bought a new position in GitLab in the 3rd quarter valued at $208,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in GitLab by 22.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,000 shares of the company’s stock valued at $568,000 after purchasing an additional 2,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of GitLab by 35.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 91,164 shares of the company’s stock worth $4,699,000 after acquiring an additional 23,690 shares during the period. US Bancorp DE increased its stake in shares of GitLab by 18.6% in the third quarter. US Bancorp DE now owns 11,553 shares of the company’s stock worth $595,000 after purchasing an additional 1,808 shares in the last quarter. Finally, Stephens Investment Management Group LLC grew its stake in GitLab by 11.2% in the 3rd quarter. Stephens Investment Management Group LLC now owns 724,265 shares of the company’s stock valued at $37,329,000 after buying an additional 72,925 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.